The Southeast Asian country has been seeing a surge in luxury real estate development, Bloomberg reported, thanks to a booming economy and laws making it easier for foreign buyers to buy property in Vietnam.

Vietnam is "where southern China was 10 or 15 years ago," Goodwin Gaw, chairman of Hong Kong-based private-equity firm Gaw Capital Partners, told Bloomberg. Prices have been going up over the past year and a half, but investing in real estate in the country is still a good bet in the long-term, Gaw said. Prices for luxury condos in Ho Chi Minh City increased by 17% in 2018, according to Bloomberg.

Prices for luxury condos in Ho Chi Minh City increased by 17% in 2018.Getty Images

Ultra-luxury living at a low price point
A luxury apartment in the city center of Ho Chi Minh City can cost upwards of $5,000 per square meter, or $465 per square foot, Sunny Hoang, associate director of International Residential Sales at Savills in Ho Chi Minh City, told Mansion Global. Compared to other cities, that's an absolute bargain.

In Hong Kong, a similar home can easily cost four times more than that, Hoang said.

And at the The Grand Manhattan, a 39-story development that will include apartments, a hotel, and restaurants in Ho Chi Minh City's District 1, known as "Saigon's Wall Street," the New York City-inspired condos start at about $557 per square foot.